Author: Robert Drage

Robert is a freelance researcher, with a background in information science currently interested in blockchain technology and technical developments in the field.

Categories
Blockchain CBDCs Crypto News Payments Stablecoins Worldwide

Visa Aims to be the Bridge Connecting International CBDC Blockchains

Visa has unveiled a paper outlining the development of a protocol to make cross-border payments with Central Bank Digital Currencies (CBDCs) and stablecoins from any blockchain connected to the network.

According to a post by the payment colossus, the company is in the midst of developing a protocol to send digital currencies between blockchains in order to operate as a “universal payment channel” (UPC). This dedicated payment channel will connect CBDC networks between countries, as well as linking CBDCs with private stablecoin networks.

The Visa research team originally began working on the UPC concept in 2018, developing an interoperability framework that would run independently of the underlying blockchain mechanisms.

Catherine Gu, global CBDC product lead at Visa, stated that the key problem it was looking to solve is that of interoperability, to “get different digital currencies, relying on different tech stacks and protocols, with different compliance standards and market requirements to ‘talk’ to each other in a wider network of value”.

VISA’s Universal Payment Channel (UPC).

This is a much longer-term future thinking concept around a way that Visa could potentially help become a bridge between one digital currency on one blockchain and another digital currency on another blockchain.

Cuy Sheffield, Visa’s head of crypto

The Future of Blockchain is Interoperable

The paper developed by Visa’s R&D team posits the UPC as a hub interconnecting multiple blockchain networks and allowing for secure transfer of digital currencies. The point of the hub is to allow central banks, businesses and consumers to seamlessly exchange value, no matter the form factor of the currency. 

We believe that for CBDCs to be successful, they must have two essential ingredients: a great consumer experience and widespread merchant acceptance. It means the ability to make and receive payments, regardless of currency, channel, or form factor. That’s where Visa’s UPC concept comes in.

Catherine Gu, global CBDC product lead, Visa

Visa highlights the need for a UPC due to the large number of digital currencies and the necessity for a common network. The UPC’s specialised payment channels would be established off the blockchain and leverage smart contracts to communicate with the various blockchain networks. This is done to deliver high transaction throughput securely and reliably while improving overall speeds. 

Due to this gap, Visa has openly shared how the mechanics of the UPC will work, along with policy guidelines for central banks and regulators on the implication of this research.

In December 2020, Visa partnered with Circle to connect its merchants with Ethereum-based US Dollar Coins. Various other blockchain projects are also working to solve the interoperability issue.

Why CBDCs Need Cross-Chain Interoperability

Over the past two years many central banks around the world have been exploring CBDCs, a digital form of central bank money that can be used directly by consumers, merchants and financial institutions.

Imagine a world where everyone at the table is using a different type of money – some using a central bank digital currency (or CBDC) like Sweden’s eKrona, others preferring a private stablecoin like USDC […] now imagine all this happening in real-time, across multiple networks, and compatible with multiple digital wallets. 

VISA

In order to process a payment with various currencies, there needs to be a layer where all wallets and protocols can communicate with each other before processing the payment for the merchant. As part of developing the UPC concept, Visa has deployed its first-ever sample smart contract on Ethereum’s Ropsten testnet. The smart contract shows a payment channel that accepts both ether (ETH) and the USDC stablecoin.

What concerns many blockchain supporters is the idea of having a centralised node authorising transactions. However, the Visa paper states that “clients register with a UPC hub to route their transactions to other clients. Note that this routing requires zero trust to be placed on the UPC hub (the UPC hub does not need to be trusted like a central intermediary).” 

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CBDCs Crypto News Regulation Worldwide

IMF Recommends Standards for CBDCs and Crypto to ‘Ensure Financial Stability’

The International Monetary Fund (IMF) has released a set of policy recommendations for crypto regulation to stave off financial stability challenges amid the global adoption of crypto.

As rightly stated in the IMF blog, “As crypto assets take hold, regulators need to step up.” As the use of blockchain and volume in the crypto industry increase, there have been pleas for more regulation to act as a guiding light for individuals and companies in the space.

The total market value of all crypto assets surpassed US$2 trillion as of September 2021, a tenfold increase since early 2020. Stablecoin supply in particular has quadrupled throughout 2021 to reach US$120 billion.

As ecosystems fill up with more decentralised exchanges (DEXs), wallets, and a plethora of dApps, it seems crypto assets are seeping into the mainstream. The use of this new technology has many benefits as far as innovative financial services go, but as the impacts and risks on financial stability and wider economy become apparent, bridges need to be built to protect consumers.

Cryptoisation is much like dollarisation, where residents start using crypto assets instead of the local currency. This phenomenon can reduce the ability of central banks to effectively implement monetary policy. It could also create financial stability risks, such as through funding and solvency risks arising from currency mismatches. Increased demand for crypto assets could also facilitate capital outflows that impact the foreign exchange market.

Policymakers should implement global standards for crypto assets and enhance their ability to monitor the crypto ecosystem by addressing data gaps. Emerging markets faced with cryptoisation risks should strengthen macroeconomic policies and consider the benefits of issuing central bank digital currencies.

IMF

IMF Policy Recommendations

In the document curated by the IMF, one of the main points is that regulators and supervisors need to monitor developments in the fast-evolving crypto ecosystem, with the ability for “cross-border coordination to minimise the risks of regulatory arbitrage and ensure effective supervision and enforcement”.

On a national level, regulators also need to prioritise the implementation of global standards. However, at the moment they are mainly focused on money laundering and proposals regarding bank exposures. These need to be extended to “areas such as securities regulation, as well as payments, clearing and settlements may also be applicable and need attention”.

In developing countries, “cryptoisation can be driven by weak central bank credibility, vulnerable banking systems, inefficiencies in payment systems and limited access to financial services”; this inadvertently leads to the use of digital assets and DeFi, due to low barriers for entry and use.

IMF

The decentralised finance (DeFi) sector grew from US$15 billion at the end of 2020 to about $110 billion as of September 2021, with the lion’s share of volume coming from countries with historically the largest institutional and professional markets.

Authorities should prioritise strengthening macroeconomic policies and consider the benefits of issuing central bank digital currencies and improving payment systems. CBDCs may help reduce cryptoisation pressures if they help satisfy a need for better payment technologies.

IMF

In addition to CBDC implementation, de-dollarisation policies will help governments tackle macro-financial risks, and as the role of stablecoins grows, regulations should be proportionate to the risks they pose and the economic functions they serve.

Since the development of blockchain and related technologies doesn’t seem to be slowing down, regulators need to act swiftly to address vulnerabilities to ensure users’ safety.

Digital Assets Comparable to Mainstream Benchmarks

Three years of IMF data suggests that risk-adjusted returns of non-stablecoin crypto assets like Bitcoin are comparable to other mainstream benchmarks such as the S&P 500.

IMF

During the past three years, an exceptional amount of money has flown into digital assets, both creating and destroying wealth. As adoption increases, more people are exposed to these technologies and their exponential growth could have major consequences.

The IMF report stated that “financial stability risks are not yet systemic, but risks should be closely monitored given the global implications and the inadequate operational and regulatory frameworks in most jurisdictions”.

Categories
Crypto News DeFi Giveaways Tokens

DeFi Protocol Bug Mistakenly Rewards Users $80 Million in COMP Tokens

A bug in Compound (COMP) protocol’s new Proposal 062 has led to an over-distribution of at least US$80 million worth of COMP to some of its users.

Compound Finance (COMP), the lending protocol, reported an incident on September 30 regarding some “unusual activity” with its token distribution after executing Protocol 062, a community-driven update:

According to Protocol founder Robert Leshner, a bug in the update resulted in excessive amounts of COMP being distributed to several users, some of whom were able to claim millions of dollars’ worth of tokens.

The upgrade was designed to “split COMP rewards distribution” from the previous set 50/50 share model, and was fully verified by the community without issues.

Culprit Was Likely a Single Letter Bug

Mudit Gupta, a programmer from SushiSwap, explained that a single letter bug was responsible for the error, causing a reverse rug pull and paying out more rewards than it was supposed to.

Leshner also stated that “the impact is bounded, at worst, 280,000 COMP tokens”, worth over US$85 million at the time of writing. The impacted contract contained only a limited amount of rewards, with the majority sitting in a different reservoir contract.

Patching Under Way, Optional White Hat Rewards

Since COMP aims to run as a decentralised autonomous organisation (DAO), any changes made to the protocol have a seven-day governance process before it can make its way to production. In the meantime, Compound Labs and community members are “evaluating potential steps to patch the COMP distribution”.

Users who return the assets can keep 10 percent as a white hat reward, Leshner added, but whether the lucky recipients choose to return a few million dollars to the platform remains to be seen – although if history is any indication, it is certainly possible.

The Bigger the Jungle, the More Bugs You’ll Find

Since the DeFi boom, one of the major issues protocols have been facing are bugs in the code causing havoc in unexpected ways. In early September, a bug in OpenSea destroyed US$130,000 worth of NFTs on the marketplace.

With code in smart contracts, sometimes the simplest errors can translate into massive problems. Recently, the decentralised exchange DeversiFi had an error in a library that processes decimals, the result of which was paying US$22 million for a $100k deposit transaction.

As the DeFi industry grows and more smart contracts are created as vehicles for both simple and complex transactions, it’s important to remember that some programmer somewhere in the world sat and wrote that code. Using projects with qualified teams, and code audited by a verified third party, is something to look out for, but since the space is so new there will most certainly be kinks to iron out.

Categories
Airdrop Blockchain Crypto Art Crypto News NFTs

DC Comics Set to Drop Free NFTs at FanDome Online Event

American publisher DC Comics has officially dipped its toe into the non-fungible token (NFT) space along with Marvel and other major names in the entertainment industry.

The major competitor to Marvel has officially stepped into the blockchain space with the drop of its first collection of NFTs on October 16. The DC FanDome 2021 streaming event will be the key to the free drop for those registering for the event from October 5.

According to the announcement, DC publisher and chief creative officer Jim Lee “hand-selected” the artwork used for each collectible. Featuring superheroes Batman, Superman, Wonder Woman and more, the premier drop offers fans the opportunity to collect one of three covers for each character in three levels of rarity.

Registrants will also have the ability to unlock a second, free NFT by sharing the event on social media.

DC FanDome NFT drop.

Fans Want More Access and a Deeper Connection

As more major names in the entertainment industry join the blockchain revolution, it is becoming apparent that fans want more access and a deeper connection to their favourite publishers and brands.

This drop pays homage to our 87-year history while visualising a future in which NFTs play a foundational role in novel ways of interacting with DC content and unlocking new experiences.

Jim Lee, DC publisher and chief creative officer

DC’s FanDome 2020 streaming event pulled in a reported 22 million viewers to learn about the brand’s upcoming comic books, movies, TV shows and video games. By adding the NFT experience, the publisher is aiming to draw in even more viewers and spread the word about the stream.

Given the size of the viewer base for last year’s streaming event, DC suggests that this will very likely be “one of the largest NFT drops ever”, according to Palm NFT.

This news comes one month after Marvel also dropped its first NFT collection on VeVe NFT marketplace.

DC Using Palm NFT Marketplace

DC has partnered with Palm NFT to create its new line of NFTs for the entertainment company that helped shape today’s fan culture. By using sustainable NFT initiatives, DC says it is trying to redefine the industry by giving fans unprecedented access, and the ability to own and be a part of the future of DC digital collectibles.

https://twitter.com/PalmNft/status/1443263377573298193

It’s immensely rewarding to work with a partner like DC who understands that blockchain is more than a technology – it’s a sustainable storytelling tool that can reshape the relationship between creators and fans.

Dan Heyman, Palm NFT co-founder
Categories
Crypto News DeFi Ethereum Gas Mining

Ethereum Miner Returns $22 Million After DeversiFi’s Erroneous Gas Fee

The decentralised exchange (DEX) DeversiFi mistakenly paid a fee of US$22 million for a transaction that should have been a fraction of the cost. The miner altruistically returned the funds seeing it was accidental, showing the cooperative side of the crypto community.

On September 27, “a deposit transaction was made by a DeversiFi hardware wallet from the main DeversiFi user interface with an erroneously high gas fee”, the exchange tweeted. The transaction was done through DeversiFi for Bitfinex in order to save on transaction fees.

This transaction was to deposit funds on the DeversiFi L2 solution. These transactions are extremely rare and third-party companies [usually] cover the costs of such integrations.

Bitfinex representative
The erroneous transaction: Etherscan

The details of the transaction can be seen on Etherscan where block 13307440 had a transaction fee of over $22 million for a $100,000 deposit transaction.

All You Need To Do Is Ask

While working on discovering the cause, the DeversiFi team said it reached out to Binance. The miner’s address continually routes funds to the centralised exchange; this is generally done to sell mined ETH.

Binance agreed to give the miner DeversiFi’s contact information, and the miner agreed to return the funds “after a few emails back and forth”. DeversiFi pushed for the miner to keep 50 ETH as a reward.

This was a show of crypto community spirit, given that because of the nature of the blockchain the miner could have kept the funds, and it’s unlikely any legal proceedings could have compelled him to return them.

While the mining pool that received the gas fee is anonymous, it is currently ranked ninth among the largest Ethereum miners and is responsible for roughly 3.1 percent of the network’s hash rate, according to Etherscan.

What Caused the Problem?

In a postmortem blog post on September 28, DeversiFi said that the exceedingly high gas fee was due to an error caused by a calculation mess-up in how the EthereumJS library processes decimals.

The team also said it worked with hardware wallet provider Ledger on a bug patch, and that the bug could only apply to large wallets such as theirs.

The team also wrote that DeversiFi has implemented “additional safety and sanity checks to ensure gas fees associated with transactions could not exceed unrealistic thresholds”. The new checks aim to “protect against user error, extreme network fee spikes” to serve as “an additional layer of protection against any future coding error”.

No customer funds on DeversiFi are at risk and this is an internal issue for DeversiFi to resolve, and operations are running as usual.

Categories
Blockchain Crypto News Ethereum Gaming NFTs

Atari’s ‘Father of Video Games’ is Diving into Augmented Reality NFTs

Nolan Bushnell and Zai Ortiz are releasing an augmented reality NFT experience with the MakersPlace on the Ethereum (ETH) blockchain. The Arcade OG series will be a range of collectibles from the arcade era inspired by Computer Space and PONG, two of Atari’s earliest creations.

Bushnell, founder of well-known game company Atari and referred to as the “Father of the Video Game Industry”, has recently made his debut in the NFT space. Together, he and frequent collaborator Ortiz, a Hollywood visual effects director with 20 years’ experience, plan to launch the Arcade OG NFT Series.

The duo has been pioneering the field of digital works for decades, with Nolan even being praised by Newsweek as one of the “50 Men That Changed America”. Ortiz is the founder of studio Dark Matter and is credited for influencing modern AI design through his work in feature films such as TRON: Legacy and Iron Man 2, as well as in games.

When Bushnell encountered non-fungible tokens for the first time, his “initial wash on NFTs was: really?” However, as he saw what he describes as “the transition” from all analogue media to digital becoming more prevalent, Bushnell decided to participate, stating that he was “fascinated by the math of it – I went through all the white papers”.

Details of the NFT Offering

The team plans to bring back some of the early-day gaming machines as digital augmented reality (AR) collectibles available on the Bushnell section of MakersPlace.

I decided if I did it, I wanted it to be really cool and feel like my brand, which is about being an innovator […] I needed it to be something more than what was out there, not just slapping my name and image onto something.

Nolan Bushnell

The MakersPlace release offers ownership of five original, immersive videos, which take the viewer from the arcade and into Computer Space (both single-player and two-player versions) and Pong (both table-top and arcade versions).

Each of the five NFTs comes with ownership of a one-of-a-kind AR experience, which allows the owner to place a full-scale rendering of their console in any environment.

The drop will take place on October 12 at 3:30 PST. Meanwhile, the others will be single-edition collectibles to be auctioned to the highest bidder with bonus perks included. For instance, a single-edition red “Pong” NFT will be paired with a visit with Bushnell to the Two Bit Circus arcade and entertainment centre in Los Angeles, while a yellow “Computer Space” NFT will come with a signed and unopened Atari 2600 game console.

At this point in time there’s a lot of stuff we can do that just needs a little more thought and effort, and then I hope we can blow your socks off every six months with a new sock-blower-offer.

Nolan Bushnell

Using AR for NFTs is no new feat; similar technology has been used in the $500,000 Mars House, a virtual estate on Mars created by artist Krista Kim.

Atari Explores Blockchain

Atari has been exploring various avenues in the blockchain space, with its new console even able to utilise blockchain technology.

The Atari VCS ecosystem is designed to work with and facilitate the use of blockchain technology, with games, payments, NFTs and tokens all coming to the Atari VCS.

Atari VCS

Besides NFTs and blockchain-enabled consoles, Atari has also been looking into the premium accommodation business in Australia, trying to expand the company by creating an “all-in-one luxurious and entertaining experience” for visitors.

Categories
Bitcoin Crypto News NFTs Social media

Twitter Rolls Out Bitcoin Tips and NFT Verification Feature

Twitter users worldwide can now tip each other via new integration with Bitcoin’s Lightning network. For now, it will only be available to those using the IOS operating system, with Android support coming soon.

Twitter Making Instant Payments

Early this month, news was circulating that Twitter was testing bitcoin tipping using the Lightning network. Confirmed on September 23, Twitter has officially launched its new tipping mechanism that allows tipping in bitcoin (BTC) for all global users. The aim is to support creators on the Twitter platform and those who use “Spaces” to hold events for dedicated audiences.

People already drop links to their payment profiles in their bios and in their Tweets […] Tips makes this easier to do, offering one fixed spot, right on your profile, where you can link to your Cash App, Patreon, Venmo, and other platforms where people can support you.

Esther Crawford, staff product manager, Twitter

Users will be able to tip with bitcoin through the Lightning network, a layer-2 payment protocol known for its low transaction fees. Twitter will not collect a fee for transactions made over Tips, nor did it mention any other cryptocurrencies that might be used alongside bitcoin.

How Will It Work?

Twitter users have two options when it comes to how they want to tip in bitcoin. The first is via a menu of payment options that include Square’s Cash App and Go Fund Me, which will allow users to send tips to a Bitcoin address or send money in a more conventional way.

The other is through tipping services like Strike that can connect to the Lightning network, a Bitcoin payment application. The payment will be made through the user’s personal profile on the platform.

Jack Dorsey has long been a fan of the Bitcoin network and with two of his companies (Twitter and Square) integrating bitcoin, it makes sense that he also runs a full node for the network.

Twitter NFTs Are Coming

Alongside the announcement of bitcoin tipping, Twitter also showed it has plans to integrate NFTs into its workings. No specific details were given as to which blockchain it will be running on or when the facility will become available, but Twitter intends to “explore NFTs for authentication”.

However, Twitter executive Esther Crawford stated that “it’s a way to support creators making this art with a stamp to demonstrate authenticity”, and that “by allowing people to connect their bitcoin wallets, they can track and showcase their NFT ownership on Twitter”.

As more large multinational companies start integrating blockchain technologies, the amount of value pumped into the system will increase from users continuing to adopt new features.

Categories
Crypto Exchange Crypto News DeFi Hackers

Avalanche DeFi Project Vee Finance Loses Over $35 Million in Hack

A day after Vee Finance announced it had more than US$300 million total value locked on the protocol, it was hit by an attack draining an estimated US$35 million.

By September 21, a total of 8,804.7 ETH and 213.93 in bitcoin had been stolen by attackers. Vee Finance is a lending and borrowing protocol built on the Avalanche blockchain that offers both flexible and fixed returns on crypto deposits.

Since its launch on September 14, the platform boasted that the total value of assets locked surpassed US$300 million, drawing the eyes of potential attackers.

The perpetrators found an exploit in the process of creating an order for leveraged trading, where only the price of the Pangolin pool was used by the oracle as the source of price feed.

When price fluctuates more than 3 percent, the oracle needs to be refreshed, in this case opening a window for the attacker to manipulate the price of the Vee Finance oracle machine.

The attacker manipulated the number of Pangolin’s tokens to make Vee Finance’s oracle machine refresh the price. This directly caused the contract to obtain the wrong price from the oracle during the slippage check, which caused it to be bypassed. A detailed attack analysis can be found on Vee’s official Medium blog.

Only ETH and BTC Stolen

As this incident occurred in the pending contract, the assets on the Stable Coin sector were not affected by the attack. So far, USDT.e, USDC.e and DAI.e assets in the Stable Coin sector have not been attacked. All pending orders were suspended, meaning that no new pending orders could be created, and existing pending orders could not be executed.

The company said it had located the address that collated US$35 million worth of crypto and suspended it.

According to address monitoring, the attacker has not yet transferred, or processed, the attacked assets any further. We are actively dealing with it and have proactively communicated [with] the attacker on the chain.

Vee Finance

According to Vee Finance, “The company, whose partners include the Avalanche blockchain and Chainlink, a platform that creates DeFi applications, said it had contacted the hacker and was trying to negotiate a solution.”

The problem has been fixed in the meantime and the Pangolin.Exchange has not been affected and is still safe to use, stated the report. Vee Finance posted it had made the white hat bounty available to the hacker if the funds were returned.

This is the second major hack on an Avalanche-based platform in a week. The first was on Zabu Finance, a DeFi protocol that supports peer-to-peer activity without a central player such as a bank or broker. Zabu revealed it had lost US$3.2 million to an attack on September 13, also resulting in a 99 percent price drop.

Categories
Ethereum Fantasy Sports NFTs Sorare

Sorare Raises $680 Million to Expand Blockchain-Based Fantasy Football Game

Sorare, the NFT-based fantasy football game, has recently ended its latest fundraising round to the count of US$680 million. The capital gained from the Series B funding round provides the means to create the next giant in sports entertainment.

A Historic Fundraiser

The record-breaking funding round is the largest in the history of French tech and the biggest in Europe for a Series B.

The fundraiser was joined by several interested parties, including Atomico, Bessemer Ventures, Reddit co-founder Alexis Ohanian, and football players Gerard Piqué, Rio Ferdinand, Antoine Griezmann and César Azpilicueta.

In February, the platform announced it had raised US$50 million in Series A funding from renowned investors such as Benchmark (investor in Twitter, Snap, Instagram or Discord), Antoine Griezmann, Rio Ferdinand, Oliver Bierhoff, Alexis Ohanian and Gary Vaynerchuck.

This shows a massive increase in interest from investors towards the fantasy football game.

Sorare Growing Fast

Sorare’s user base has grown by 900 percent in the past year, with 177 officially licensed clubs including some of the most famous in Europe, such as Real Madrid, Liverpool and Juventus, 6000 licensed footballers, and 600,000 registered users making waves in the NFT and sports industry. Check out Crypto News Australia‘s independent review of the football trading card game.

The Sorare platform.

The platform has also recently signed a five-year partnership with La Liga and is looking to give back to the people by lending support to community led-football programs, aspiring entrepreneurs, and women in sport.

Sorare Set For Major Expansion

This funding will help deliver its key objective, which is to create the next world champion in sports entertainment by leveraging NFTs. To achieve this, the funds have been allocated to:

  • Sign new partnerships: bringing the top 20 football leagues onboard along with the top 50 national teams.
  • Speed up mobile and marketing: the fantasy game will be a mobile first experience that fans globally can play.
  • Expand into new sports: Sorare has received interest from leagues and fans worldwide to replicate its model in other sports, and plans to roll out new sports in 2022.

Built on the Ethereum blockchain, the platform used to suffer high transaction costs at high volume, though with layer-2 technology called Starkware it has helped to scale transactions and keep gas fees low to curb the problem.

Crypto News Australia also has a guide for beginners and fans who are interested in fantasy football, with the twist of trading and selling NFTs to gain added value from the hobby.

Categories
Australia Bitcoin BSV Blockchain Industries

Aussie Tech Startup ‘Tokenized’ Launches API to Help Developers with Smart Contracts

Tokenized is an Australian startup aiming to change the way capital markets work by leveraging blockchain and smart contracts. It has recently launched its API that allows anyone to plug into its service to use smart contracts and tokenised instruments.

Smart Contract API for Developers

The API for Tokenized, a smart contracting platform believed to be the “first practical step forward towards building out a smart contract-based global financial system”, has been made available. The platform-as-a-service (PaaS) will release a host of services for users who want to build “banking-grade, and feature-rich, apps with embedded smart contracts and token services”.

Building Your Business on the Blockchain

The platform fully utilises the Bitcoin SV network for its low transaction fees and high transaction throughput at 10,000 transactions per second, allowing both public and private entities as the basis for its blockchain-based applications. It joins the ranks of other Aussie companies leveraging the BSV network, such as Progressive Minerals, a mining company using the Bitcoin SV network (BSV) to build its new blockchain-based infrastructure.

The platform allows users to draft, manage, and execute smart contracts with no code. Some of the features even allow for the recovery of users’ funds if they lose their keys through an identity and authority oracle.

Users can build a business, brands, or even a front-end supported with all the associated Bitcoin, token, smart contract and compliance-related tech. There are various built-in security add-ons such as KYC, multifactor authentication systems, vaults, and lockboxes to assure the safety of future users.

Who Can Benefit From Tokenized?

Tokenized is capable of working with any organisation, or individual, around the world interested in issuing smart contracts and tokens on a distributed ledger.

The Tokenized platform’s design has been generalised to account for all of the key features required of any type of agreement and the associated legal instruments. In other words, any use case that requires entities working together can benefit from utilising the solution.

James Belding, CEO, Tokenized

Any business that would like to issue digital assets (loyalty points, coupons, tickets, etc) to improve customers’ user experience can benefit. The interoperability of an on-chain token system can open up new ways of engaging and rewarding customers on social media while lowering engagement resistance.

Example of an event ticket smart contract being drafted.

Tokenization is an increasingly useful solution for businesses to distribute digital or even real-world assets. Property in Australia has recently been tokenised in an attempt to lower barriers to entry for investors.